GCC economies saw combined growth of 5.5% last year

Gulf Cooperation Council (GCC) nations experienced combined economic growth of 5.5 per cent last year, it has been revealed.

According to the annual report of the Gulf Organization for Industrial Consultancy (GOIC), GCC countries were able to withstand the full impact of the global financial crisis because of the intrinsic strengths of their economies and through prudent fiscal and monetary policies, the Peninsula reported.

The report noted that after crossing "the magical barrier of a trillion dollars" in 2008, the collective gross domestic product of GCC states reached $1,086 billion at the end of last year.

In addition, it was found that the UAE ranked third in terms of the size of investment in industrial projects, topped only by Qatar and Saudi Arabia.

Last week, Emirates Business 24/7 reported on a prediction by NCB Capital, which is owned by the Saudi National Commercial Bank, which claimed that the UAE economy will grow by more than three per cent next year.

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